Zomato soars 4% on heavy volumes, market-cap nears Rs 1 trillion mark

Analysts at Kotak Securities believe Zomato's YoY GMV growth bottomed out in Q1FY24 at 14 per cent YoY and should witness improving performance Q2FY24 onward.

Shares of Zomato hit fresh 21-month high of Rs 113.25, up 4 per cent on the BSE in Thursday’s intra-day trade on the back of heavy volumes amid expectations of improvement in gross merchandise value (GMV) performance.

The stock of the online food ordering and delivery platform company was quoting at its highest level since January 2022. The counter saw huge trading activity with a combined 66.27 million equity shares representing 0.77 per cent of the total equity of Zomato changing hands on the NSE and BSE till 11:10 AM.

In past six months, the stock price of